XXI Century Investments has bought a 70% stake in a retail and entertainment development in Crimea, southern Ukraine.

The AIM-listed developer plans to build one of its Kvadrat shopping centres on the 11.3 acre (4.6 ha) site, which is located in Sevastopol, Crimea. It paid $3.5m (£1.7m) for the stake.

The shopping centre will be the first move into Crimea for XXI Century and is part of its strategy to diversify geographically throughout the Ukraine.

The centre in Sevastopol will comprise 363, 285 sq ft (33,750 sq m) of commercial space and 800 car parking spaces.

Construction is expected to begin in early 2008 and complete in late 2009.